# MITSUI MATSUSHIMA HOLDINGS CO.,LTD.: business model and financials

> Latest period: FY ending Mar 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第170期(2025/04/01－2026/03/31) (S100YBV8)
> Page: https://vizora.meequs.com/en/company/mitsui-matsushima-holdings
> Retrieved: 2026-09-30T20:38:48.462Z

## Company

Mitsui Matsushima Holdings, founded in 1913, is a company in Investment Funds listed on TSE Prime. It has 1,746 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | MITSUI MATSUSHIMA HOLDINGS CO., LTD. |
| Ticker | 1518 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/1518.T) |
| Listing | TSE Prime |
| Head office | 福岡市中央区大手門一丁目1番12号 |
| Representative (per filing) | 代表取締役社長 吉岡泰士 |
| Founded | Jan 1913 |
| Share capital | ¥8.57B |
| Employees (consolidated) | 1,746 |
| Average salary (parent only) | ¥11M |
| Fiscal year end | March |
| Website | www.mitsui-matsushima.co.jp (https://www.mitsui-matsushima.co.jp/) |
| Corporate number | 5290001010634 |
| EDINET | E00037 |
| Industries (Vizora) | Investment Funds, Food Packaging, Industrial Machinery, Stationery & Office Supplies |

> Profile source: annual securities report (S100YBV8, filed 2026-06-17). As of filing

## Five-axis industry profile

Primary industry: Industrial Machinery (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 19.5 | 110 |
| Profitability | 85.7 | 122 |
| Cash conversion | 25.4 | 116 |
| Efficiency | 11.1 | 122 |

Each axis is shown independently. Missing values are labeled unavailable; no combined score is calculated. Industry rank is not an investment recommendation.

## Key points (generated from figures)

- About 51% of Mitsui Matsushima Holdings's sales come from Industrial products, with Consumer goods and Finance and others making up much of the rest.
- Out of every ¥100 of sales, about ¥14 is left as operating profit.
- Revenue changed +8.1% from the prior year, operating profit +25.7%.

## Company structure

- Segment revenue mix: Industrial products 50.8%、Consumer goods 41.4%、Finance and others 7.8%
- Revenue → net income: ¥65468000000 → ¥6737000000
- Net income → operating cash flow: ¥6737000000 → ¥5753000000（difference ¥-984000000）
- Main uses of operating cash flow: CapEx ¥2445000000 / dividends ¥1827000000 / buybacks ¥18056000000
- Change in cash: ¥-3230000000
Segment shares use total reported segment revenue, which may include inter-segment sales. The cash bridge is operating cash flow minus net income and combines non-cash items and working-capital effects.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥65.5B |  |
| Operating income | ¥9.57B | Margin 14.6% |
| Net income | ¥6.72B | Margin 10.3% |
| Free cash flow | ¥3.31B |  |
| Largest business | Industrial products | of segment revenue 50.8% |
| Employees (consolidated) | 1,746 |  |
| EPS | ¥44.61 |  |
| Book value per share | ¥1041.7 |  |
| Equity ratio | 43.5% |  |
| Shares outstanding | 65,322,000 |  |
| Treasury shares | 27,026,300 |  |
| Shareholders | 18,114 |  |
| Average salary (parent only) | ¥11M | Filing company only |
| Cash ratio | 4.5% | Cash ÷ revenue 8.7% |
| Vs. industry median margin | +7 pp | Industrial Machinery |
| ROE | 12.1% | Derived from disclosed figures |
| ROA | 5.5% | Derived from disclosed figures |

## Notable figures

- FY2026, buybacks were 9.9× dividends
- FY2026, cash is 4% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥57378000000 | ¥65468000000 | +14.1% |
| Operating income | ¥1946000000 | ¥9573000000 | +391.9% |
| Operating margin | 3.4% | 14.6% | +11.2 pp |
| Employees | 1,512 people | 1,746 people | +15.5% |
| Cash and equivalents | ¥19293000000 | ¥5701000000 | -70.5% |

### Change in segment revenue mix

Span: FY ending Mar 2021 → FY ending Mar 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 生活関連 → 事業再編・廃止 | 40.3% |
| その他 → 事業再編・廃止 | 2.3% |
| エネルギー → 事業再編・廃止 | 57.5% |
| 新設・再編 → 生活消費財 | 41.4% |
| 新設・再編 → 産業用製品 | 50.8% |
| 新設・再編 → 金融その他 | 7.8% |

Segment revenue source references: 6 (derived)

## Business growth × margin

X-axis: segment revenue CAGR. Y-axis: latest operating margin. Bubble size: latest revenue. CAGR requires at least two comparable years.

| Segment | CAGR span | Revenue CAGR | Latest revenue | Operating margin | Source refs |
| --- | ---: | ---: | ---: | ---: | ---: |
| Industrial products | 2 years | +48.5% | ¥33255000000 | 15.2% | 2 |
| Consumer goods | 2 years | +2.1% | ¥27109000000 | 9.1% | 2 |
| Finance and others | 2 years | +78.6% | ¥5103000000 | 40.2% | 2 |

## Income statement（FY ending Mar 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 65,468 | 100.0% | S100YBV8 |
| Cost of revenue | 40,378 | 61.7% | S100YBV8 |
| Gross profit | 25,089 | 38.3% | S100YBV8 |
| SG&A | 15,516 | 23.7% | S100YBV8 |
| Operating income | 9,573 | 14.6% | S100YBV8 |
| Ordinary income | 9,944 | 15.2% | S100YBV8 |
| Pretax income | 9,830 | 15.0% | S100YBV8 |
| Income tax | 3,093 | 4.7% | S100YBV8 |
| Net income | 6,737 | 10.3% | S100YBV8 |
| Net income attributable to owners | 6,716 | 10.3% | S100YBV8 |

## Per ¥100 of revenue（FY ending Mar 2026）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 62 |
| SG&A | 24 |
| Operating income | 14 |
| (Ref.) Net income | 10 |

### Margin funnel

Gross margin 38.3% → Operating margin 14.6% → Net margin 10.3%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +8.1%; Core profit growth: +25.7%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 3.18×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Mar 2025 → FY ending Mar 2026、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 60,574 | 65,468 | 4,894 | +8.1% |
| Gross profit | 22,326 | 25,089 | 2,763 | +12.4% |
| Operating income | 7,615 | 9,573 | 1,958 | +25.7% |
| Net income attributable to owners | 8,645 | 6,716 | -1,929 | -22.3% |
| Operating cash flow | 4,574 | 5,753 | 1,179 | +25.8% |
| Free cash flow | 3,201 | 3,308 | 107 | +3.3% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 66,596 | 2,741 | 4.1% | 2,292 | 2,287 | 500 | S100LI20 |
| FY ending Mar 2021 | 57,378 | 1,946 | 3.4% | -3,035 | 6,807 | 5,717 | S100O8NN |
| FY ending Mar 2022 | 46,592 | 8,417 | 18.1% | 5,396 | 8,911 | 7,509 | S100QYB8 |
| FY ending Mar 2023 | 80,015 | 35,789 | 44.7% | 22,977 | 26,204 | 25,499 | S100TNB8 |
| FY ending Mar 2024 | 77,472 | 25,170 | 32.5% | 15,117 | 21,288 | 19,884 | S100W0ET |
| FY ending Mar 2025 | 60,574 | 7,615 | 12.6% | 8,645 | 4,574 | 3,201 | S100YBV8 |
| FY ending Mar 2026 | 65,468 | 9,573 | 14.6% | 6,716 | 5,753 | 3,308 | S100YBV8 |

## People and productivity（FY ending Mar 2026, consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥37.5M |
| Operating income per employee (consolidated) | ¥5.5M |
| Net income per employee (consolidated) | ¥3.8M |

Employees, revenue and profit are consolidated. Average annual salary is a separate parent-company figure. Calculated from disclosed figures (DERIVED).

| History | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 1,305 | 1,455 | 1,772 | 1,741 | 1,746 |
| Average salary (parent company) | ¥9.1M | ¥10.3M | ¥10.6M | ¥10.8M | ¥11M |
| Average age (parent company) | 44.4 years | 44.9 years | 44.7 years | 44.7 years | 44.6 years |
| Average tenure (parent company) | 9.0 years | 7.7 years | 7.0 years | 8.2 years | 9.5 years |

Year over year: Employees (consolidated) +0.3% · Revenue (consolidated) +8.1%

## Segments（FY ending Mar 2026, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Consumer goods | 27,109 | 41.4% | 2,459 | 9.1% |
| Industrial products | 33,255 | 50.8% | 5,061 | 15.2% |
| Finance and others | 5,103 | 7.8% | 2,052 | 40.2% |

### segmentMix — Revenue and profit mix

Calculated from disclosed figures (DERIVED). Shares use total segment revenue and total positive segment profit respectively. Difference = profit share − revenue share (pt). Inter-segment sales may prevent reconciliation to company revenue.

| Segment | Revenue share | Profit share | Difference (pt) | Margin |
| --- | ---: | ---: | ---: | ---: |
| Consumer goods | 41.4% | 25.7% | -15.7 | 9.1% |
| Industrial products | 50.8% | 52.9% | 2.1 | 15.2% |
| Finance and others | 7.8% | 21.4% | 13.6 | 40.2% |

Segment → industry: Finance and others → Investment Funds / Consumer goods → Food Packaging / Industrial products → Industrial Machinery / Consumer goods → Stationery & Office Supplies

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Mar 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 5,753 | 8.8% | S100YBV8 |
| Capital expenditure | 2,445 | 3.7% | S100YBV8 |
| Free cash flow | 3,308 | 5.1% | 算出 |
| Investing cash flow | -6,840 | -10.4% | S100YBV8 |
| Financing cash flow | -2,267 | -3.5% | S100YBV8 |
| Dividends paid | 1,827 | 2.8% | S100YBV8 |
| Share buyback | 18,056 | 27.6% | S100YBV8 |
| Change in cash | -3,230 | -4.9% | S100YBV8 |
| Cash and equivalents | 5,701 | 8.7% | S100YBV8 |

## Balance sheet

Figures are as of each fiscal year end. Derived values are marked as such in the source column. Lease liabilities are excluded from interest-bearing debt.

| Metric | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 19,413 | 38,064 | 25,983 | 8,973 | 5,701 | S100TNB8, S100W0ET, S100YBV8 |
| Total assets | 67,837 | 95,025 | 99,740 | 117,627 | 127,921 | S100QYB8, S100TNB8, S100W0ET, S100YBV8 |
| Net assets | 35,537 | 56,602 | 64,023 | 65,481 | 55,800 | S100TNB8, S100W0ET, S100YBV8 |
| Share capital | 8,571 | 8,571 | 8,571 | 8,571 | 8,571 | S100QYB8, S100TNB8, S100W0ET, S100YBV8 |
| Property, plant and equipment | 13,016 | 12,747 | 15,112 | 15,246 | 13,147 | S100QYB8, S100TNB8, S100W0ET, S100YBV8 |
| Intangible assets excluding goodwill | 10,738 | 13,457 | 16,427 | 17,512 | 16,003 | S100QYB8, S100TNB8, S100W0ET, S100YBV8 |
| Goodwill | 10,367 | 12,671 | 15,947 | 17,095 | 15,214 | S100QYB8, S100TNB8, S100W0ET, S100YBV8 |
| Investment securities | 3,442 | 3,935 | 3,156 | 10,945 | 21,397 | S100QYB8, S100TNB8, S100W0ET, S100YBV8 |
| Current assets | 38,884 | 63,237 | 62,774 | 71,175 | 74,393 | S100QYB8, S100TNB8, S100W0ET, S100YBV8 |
| Current liabilities | 19,387 | 26,330 | 21,666 | 43,841 | 49,482 | S100QYB8, S100TNB8, S100W0ET, S100YBV8 |
| Trade payables | 6,743 | 7,888 | 8,361 | 7,127 | 6,888 | S100QYB8, S100TNB8, S100W0ET, S100YBV8 |
| Short-term borrowings | 3,967 | 6,846 | 3,177 | 28,707 | 31,813 | S100QYB8, S100TNB8, S100W0ET, S100YBV8 |
| Long-term borrowings | 7,860 | 5,814 | 4,377 | 3,056 | 18,424 | S100QYB8, S100TNB8, S100W0ET, S100YBV8 |
| Total liabilities | 32,300 | 38,423 | 35,717 | 52,146 | 72,120 | S100QYB8, S100TNB8, S100W0ET, S100YBV8 |
| Non-controlling interests | 102 | 823 | 574 | 144 | 147 | S100QYB8, S100TNB8, S100W0ET, S100YBV8 |
| Equity attributable to owners of parent | 35,237 | 54,407 | 60,324 | 62,060 | 49,061 | S100QYB8, S100TNB8, S100W0ET, S100YBV8 |
| Retained earnings | 20,547 | 41,174 | 52,653 | 59,875 | 64,927 | S100QYB8, S100TNB8, S100W0ET, S100YBV8 |
| Treasury stock | -102 | -150 | -3,135 | -6,387 | -24,437 | S100QYB8, S100TNB8, S100W0ET, S100YBV8 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 5% | S100YBV8 |
| Property, plant and equipment | 10% | S100YBV8 |
| Intangibles and goodwill | 24% | S100YBV8 |
| Investment securities | 17% | S100YBV8 |
| Other assets | 44% | S100YBV8 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 5% | S100YBV8 |
| Other liabilities | 51% | S100YBV8 |
| Equity | 44% | S100YBV8 |
| Other liabilities | 0% | S100YBV8 |

### Balance sheet history

| Metric | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 67,837 | 95,025 | 99,740 | 117,627 | 127,921 |
| Equity | 35,537 | 56,602 | 64,023 | 65,481 | 55,800 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 19,413 | 38,064 | 25,983 | 8,973 | 5,701 |

## Asset intensity and goodwill

Ratios are derived from reported values. Goodwill is used only when separately reported, never inferred from combined intangible assets.

| Metric | Value | Sources |
| --- | ---: | ---: |
| Asset intensity (fixed assets ÷ revenue) | 20.1% | S100YBV8 |
| Fixed assets ÷ total assets | 10.3% | S100YBV8 |
| Goodwill ÷ parent equity | 31.0% | S100YBV8 |

Goodwill over 4 years: 10,367 → 15,214 JPY; total investing cash flow: -29,217 JPY. This does not imply causation.

### Cash quality

Net cash = cash − interest-bearing debt. Net debt ratio = (interest-bearing debt − cash) ÷ positive operating cash flow. Omit when debt components are incomplete; other ratios are derived from reported figures.

| Metric | Value |
| --- | ---: |
| Cash ratio (cash ÷ total assets) | 4.5% |
| Cash ÷ revenue | 8.7% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 60.1% |
| Cash vs. profit gap | -963 JPY mn (of net income -14.3%) |
| Shareholder returns / net income | 296.1% |
| Shareholder returns / FCF | 601.1% |
| Shareholder payments — dividends / net income | 27.2% |
| Shareholder payments — dividends / FCF | 55.2% |
| CapEx intensity (capex ÷ revenue) | 3.7% |
| Investing CF relative to operating CF | 118.9% |

## ROA and ROE

ROE is decomposed into net margin × asset turnover × financial leverage. Leverage can raise ROE, so the ratio alone does not assess a company's condition. Ending balances are used without a prior year; total equity approximates parent equity when unavailable.

| Period | Net margin | Asset turnover | ROA | Financial leverage | ROE | Sources |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | 11.6% | 0.69× | 8.0% | 1.93× | 15.3% | S100QYB8 |
| 2023 | 28.7% | 0.98× | 28.2% | 1.82× | 51.3% | S100TNB8 |
| 2024 | 19.5% | 0.80× | 15.5% | 1.70× | 26.4% | S100W0ET |
| 2025 | 14.3% | 0.56× | 8.0% | 1.78× | 14.1% | S100YBV8 |
| 2026 | 10.3% | 0.53× | 5.5% | 2.21× | 12.1% | S100YBV8 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 10.5% | 2026-03-31 |
| 株式会社フォルティス | Major shareholder | 9.3% | 2026-03-31 |
| 株式会社シティインデックスファースト | Major shareholder | 5.0% | 2026-03-31 |
| 野村 絢（常任代理人 三田証券株式会社) | Major shareholder | 4.4% | 2026-03-31 |
| 株式会社三井住友銀行 | Major shareholder | 4.3% | 2026-03-31 |
| 株式会社十八親和銀行 | Major shareholder | 4.3% | 2026-03-31 |
| ヨシダ トモヒロ | Major shareholder | 4.0% | 2026-03-31 |
| ＳＴＡＴＥ ＳＴＲＥＥＴ ＢＡＮＫ ＡＮＤ ＴＲＵＳＴ ＣＯＭＰＡＮＹ ５０５２２３（常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 2.9% | 2026-03-31 |
| 株式会社エスグラントコーポレーション | Major shareholder | 2.5% | 2026-03-31 |
| 三菱UFJ信託銀行株式会社 | Major shareholder | 1.9% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第170期(2025/04/01－2026/03/31) | S100YBV8 | 2026-06-17 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YBV8,, |
| 有価証券報告書－第169期(2024/04/01－2025/03/31) | S100W0ET | 2025-06-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W0ET,, |
| 有価証券報告書－第168期(2023/04/01－2024/03/31) | S100TNB8 | 2024-06-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TNB8,, |
| 有価証券報告書－第167期(2022/04/01－2023/03/31) | S100QYB8 | 2023-06-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QYB8,, |
| 有価証券報告書－第166期(令和3年4月1日－令和4年3月31日) | S100O8NN | 2022-06-17 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100O8NN,, |
| 有価証券報告書－第165期(令和2年4月1日－令和3年3月31日) | S100LI20 | 2021-06-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LI20,, |

## Definitions

- Amounts are in millions of JPY (rounded). The period is stated in each table heading
- Operating margin = operating income ÷ revenue. Net income is attributable to owners of the parent when disclosed
- Free cash flow (FCF) = operating cash flow − capital expenditure
- ¥100 model = breakdown per ¥100 of revenue (rounded so parts sum to 100)
- Segment revenues include inter-segment sales and may not sum to consolidated revenue
- Source IDs are EDINET document IDs (docID). "算出" (derived) means computed from other disclosed values
- All figures are extracted mechanically from filings. AI-written text never generates figures
- Source: company filings submitted to EDINET (Financial Services Agency of Japan). Figures were extracted, edited and processed, and charts and text were created, by Vizora — not by the FSA (used under the Public Data License v1.0).